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Power Finance Corporation (PFC), in a consortium with Rural Electrification Corporation (REC) and State Bank of India (SBI), will provide ₹11,067-crore financial assistance to Neyveli Uttar Pradesh Power (NUPPL).
A PFC statement said the consortium has bagged the Letter of Award (LOA) after an e-tendering process to fund the debt for a 3x660 MW (1,980 MW) coal-based thermal power station. The project is being executed by NUPPL in Ghatampur tehsil, Kanpur Nagar, Uttar Pradesh.
NUPPL is a joint venture company of NLC India and Uttar Pradesh Rajya Vidyut Utpadan Nigam for supply of power to Uttar Pradesh. The coal-based thermal power station is being developed at an estimated cost of ₹17,237.80 crore, to be funded in the debt-equity ratio of 70:30.
Of the total debt of ₹12,067 crore, ₹11,067-crore is funded by the PFC-led consortium; the balance by Bank of India. This project is expected to be commissioned by November 2021 and generate approximately 13.96 billion units of energy to meet the future power requirement of Uttar Pradesh, the statement added.
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